Ask AI
Bill115th CongressFiled Oct 5, 2017Finance and Financial Sector
H.R. 3971

Community Institution Mortgage Relief Act of 2017

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary passed house amended (Dec 12, 2017)

Community Institution Mortgage Relief Act of 2017

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $10 billion or less that holds the loan on its balance sheet for three years after its origination.

A creditor shall be deemed to have complied with the three-year balance sheet requirement if it transfers a loan by reason of its bankruptcy or failure, the purchase of it by another, or by a supervisory act or recommendation from a state or federal regulator.

The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 20,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.

What just happenedDec 13, 2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Tenney, Claudia [R-NY-22](R-NY)Sponsor
4 cosponsors2 D2 R
Read on Congress.gov
4cosponsors2committees25actions2amendments4related bills5subjects
  1. Dec 13, 2017IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Dec 12, 2017FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Dec 12, 2017FloorH37100

    On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675). (text: CR H9799)

  4. Dec 12, 2017Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675).(text: CR H9799)

  5. Dec 12, 2017FloorH36110

    On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 233 (Roll no. 674).

    Financial Services Committee
  6. Dec 12, 2017FloorH30000

    Considered as unfinished business. (consideration: CR H9828-9830)

  7. Dec 12, 2017FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Titus motion to recommit, the Chair put the question on passage of the motion to recommit, and by voice vote announced that the noes had prevailed. Ms. Titus demanded the yeas and nays and the Chair postponed further proceedings on the motion to recommit until later in the legislative day.

  8. Dec 12, 2017FloorH8A000

    The previous question on the motion to recommit with instructions was ordered without objection.

  9. Dec 12, 2017FloorH8D000

    DEBATE - The House proceeded with 10 minutes of debate on the Titus motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to Protecting Consumers from Excessive Housing Costs and Predatory Lenders.

  10. Dec 12, 2017FloorH36100

    Ms. Titus moved to recommit with instructions to the Committee on Financial Services. (text: CR H9807)

    Financial Services Committee
  11. Dec 12, 2017FloorH8D000

    DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.

  12. Dec 12, 2017FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 3971.

  13. Dec 12, 2017FloorH8D000

    Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion

  14. Dec 12, 2017FloorH30000

    Considered under the provisions of rule H. Res. 647. (consideration: CR H9799-9808)

  15. Dec 6, 2017FloorH1L210

    Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion

  16. Nov 30, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 319.

  17. Nov 30, 2017CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 115-432.

    Financial Services Committee
  18. Nov 30, 2017Committee5000

    Reported by the Committee on Financial Services. H. Rept. 115-432.

    Financial Services Committee
  19. Oct 12, 2017Committee

    Ordered to be Reported by the Yeas and Nays: 41 - 19.

    Financial Services Committee
  20. Oct 12, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  21. Oct 11, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  22. Oct 5, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  23. Oct 5, 2017IntroReferralIntro-H

    Introduced in House

  24. Oct 5, 2017IntroReferral1000

    Introduced in House

  25. Sep 7, 2017Committee

    Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.

    Consumer Protection and Financial Institutions Subcommittee
Passed House amendedDec 12, 201736

Community Institution Mortgage Relief Act of 2017

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $10 billion or less that holds the loan on its balance sheet for three years after its origination.

A creditor shall be deemed to have complied with the three-year balance sheet requirement if it transfers a loan by reason of its bankruptcy or failure, the purchase of it by another, or by a supervisory act or recommendation from a state or federal regulator.

The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 20,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.

Reported to House without amendmentNov 30, 201779

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Community Institution Mortgage Relief Act of 2017

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $25 billion or less that holds the loan on its balance sheet for three years after its origination.

A creditor shall be deemed to have complied with the three-year balance sheet requirement if it transfers a loan by reason of its bankruptcy or failure, the purchase of it by another, or by a supervisory act or recommendation from a state or federal regulator.

The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 30,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.

Introduced in HouseOct 5, 2017

Community Institution Mortgage Relief Act of 2017

This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $25 billion or less that holds the loan on its balance sheet for three years after its origination.

A creditor shall be deemed to have complied with the three-year balance sheet requirement if it transfers a loan by reason of its bankruptcy or failure, the purchase of it by another, or by a supervisory act or recommendation from a state or federal regulator.

The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 30,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.

Community Institution Mortgage Relief Act of 2017 — Informed